With the situation in Ukraine growing increasingly uncertain, the G7 finance ministers issued a statement Sunday pledging economic support for the troubled country.
The G7 says that it is closely monitoring the situation in Ukraine, and that the transition to a new government there “offers a unique opportunity to put in place urgently needed market-oriented reforms that will restore financial stability, unleash economic potential, and allow Ukraine’s people to better achieve their economic aspirations.”
The finance officials said that they are “united in our commitment to provide strong financial backing to Ukraine”; and they stressed that they support the involvement of the International Monetary Fund (IMF), saying that it is “best prepared to help Ukraine address its immediate economic challenges through policy advice and financing, conditioned on needed reforms.”
To that end, the G7 noted that it’s pleased that the IMF is sending a team to Ukraine this week to begin technical and policy discussions with the Ukrainian authorities, adding, “IMF support will be critical in unlocking additional assistance from the World Bank, other international financial institutions, the EU, and bilateral sources.”
“We are also committed to mobilize rapid technical assistance to support Ukraine in addressing its macroeconomic, regulatory, and anti-corruption challenges,” the G7 said.